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Commodities Briefing 31.Oct 2011

Posted on 31 October 2011 by VRS |  Email |Print

Jeffrey ShermanSpeculators boosted wagers on higher commodity prices by the most since August as improving prospects for growth in the U.S. and Europe sent prices toward their biggest rally in more than two years.
Money managers boosted combined net-long positions across 18 U.S. futures and options by 13 percent to 831,421 contracts in the week ended Oct. 25, Commodity Futures Trading Commission data show. The Standard & Poor’s GSCI Index of 24 raw materials has jumped 10 percent in October, on track for the biggest gain since May 2009………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Naveen Mathur15% is the fall that the Indian market has witnessed over the past year, with the AUMs of equity funds and ETFs falling by 0.62% in September this year. It’s to deal with such uncertainties that investors are looking for alternative investment options, such as commodities, which are currently witnessing a rally.
In fact, the AUM for gold ETFs increased by 7.9% in September. Does this mean that portfolio management services (PMS) for commodities have become inevitable?……………………………………….Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

The news from Europe that its leaders (after two years of turmoil) finally delivered what looks like a useful set of tools to bring the crisis, if not to an end then at least under some sort of control triggered huge rallies across riskier assets.
The S&P 500 erased all of its 2011 losses and is now on course for the best monthly performance since 1974. Commodities meanwhile also took another major step away from the lows seen last month with the Reuters Jeffries CRB index surging by 5.5 per cent and almost moving into positive territory for the year………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Oil prices above $100 per barrel could contribute to an economic slowdown similar to the 2008 financial crisis, Nobuo Tanaka, former executive director for the International Energy Agency (IEA), said on Monday.
Brent crude LCOc1 prices, which have dropped more than 14 percent from a high of $127.02 touched in April, fell 95 cents to $108.96 a barrel by 0303 GMT. But prices now are currently three times higher from a low of $36.20 hit during the financial meltdown in 2008………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Oil prices fell on Monday, with traders cautious ahead of the Group of 20 leaders’ meeting later this week that will focus largely on the European debt crisis.
Euro zone leaders reached a deal last week to recapitalize their banks, strengthen the euro zone rescue fund and impose hefty losses on holders of Greek debt, and the market was looking for more positive news out of the euro zone to provide a floor for prices………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Current OPEC president Iran does not envisage holding an emergency meeting of the oil producers’ group ahead of a scheduled one in December, Iran’s OPEC Governor Mohammad Ali Khatibi was quoted as saying by the student news agency ISNA on Sunday.
“I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced,” he was quoted as saying………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Saudi Arabia is the leading country in oil production, reserves, exports, and refining capacity. It possesses a quarter of the world’s reserves, more than 20 per cent of the world’s oil market share, undiscovered estimated at 200 billion barrels. Its proven are 264 billion barrels and over 100 billion barrels probable and possible reserves.
The kingdom’s method is consistent with reputable agencies like the Society of Petroleum Engineers and the American Society of Petroleum Geologists………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Gold prices have fallen from $1923 to $1500 levels before climbing back to $1740 levels this week which goes to show that Gold prices can fall and rise just as any other commodity. With gold what the investor gets is not financial protection but political protection, according to Bengt Saelensminde, a business economist and contributor to the Money Week.
According to him gold is a misunderstood asset and is often portrayed as a safety play and also wrongly considered a great diversifier of investor portfolio. Gold’s prices drifted in the eighties and nineties despite no visible movements in inflation………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

It’s easy to be tempted by gold, as it has soared in recent years, approaching $1,900 per ounce before dropping back near $1,600. (It was around $300 a decade ago.) Given the volatility of stocks and bonds, many investors assume that gold is a smarter investment.
If you want to buy gold, you have several options. You might invest in gold stocks or gold mutual funds, but these can be rather volatile, too. You might buy into gold accounts at bullion banks, which require large minimum investments, or gold certificates and pool accounts, which don’t. Gold coins or bars might be tempting, but you’ll need a safe place to store them………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Want to invest in gold but deterred by the risks and hassle of keeping physical gold bars? Then gold investment accounts, which allow you to buy and sell gold and keep track of your transactions through a passbook, may be for you.
When Personal Money reviewed gold investment accounts in June last year, they were only available at three banks — Kuwait Finance House, Public Bank and Maybank………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

China is the world’s largest gold producer, and likely to overtake India as the world’s biggest consumer in the next three to four years, on robust demand in jewellery and investment.
Here are some facts about China’s gold industry and market: OFFICIAL RESERVES: 1,054 tonnes, last reported in April 2009. The Shanghai Gold Exchange is the flagship gold market in China. The exchange also trades silver and platinum………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Gold prices have had a spectacular run up from their historic lows in the early years of the last decade. In April 2001 gold prices were hovering around 220 - 250 USD/ounce. With the slowing of central bank selling of their gold reserves and the forward delivery costs of gold changing dramatically, the pressures that had been weighing on gold for almost 10 years were lifted and a 10 year run up in prices started.
Some gold analysts are now claiming that the long secular bear market has ended and a bull market has returned. Others are wondering if gold prices have the wherewithal to rise further and if not, is the current stage of gold prices signaling a bubble?……………………………………….Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Spot gold prices held steady on Monday, after staging its biggest weekly rise in two months on a plan to contain the euro zone’s debt crisis, while investors are awaiting a key Group of 20 meeting later this week for further trading cues.
Spot gold edged up 0.1 percent to $1,741.34 an ounce by 0033 GMT, headed for a monthly gain of more than 7 percent, after dropping nearly 11 percent in the previous month. ……………………………………….Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

The Chinese September trade data for precious metals were mixed with a continued recovery in PGM imports and a sustained decline in Silver appetite, said Barclays Capital in a reserch note.
Silver imports in China fell by 39% y/y and 16% m/m to 264.7 tonnes, the lowest level since February, while silver exports declined by 44% y/y to 83.5 tonnes, keeping China a net importer of the metal for two consecutive years on a monthly basis………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

US Gold futures have climbed 6.8% this week to $1,747.20 an ounce levels on Friday while Silver futures have climbed 13% to $35.288 thanks to the renewed safe haven status and looming uncertainties over measures to solve the Eurozone debt crisis.
Precious metals as a whole have fared better this week that includes Platinum and palladium. Since they rely more heavily on industrial demand, macroeconomic concerns would not normally be good for the platinum group metals. Both platinum and Palladium showed consistent gains this week, however, with platinum chasing gold, reducing the gap between the two metals to less than $100, according to Bill Hionas of pan American Metals of Miami………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

After the sell-off in gold and platinum in 2008, both precious metals rebounded strongly from the October 2008 low by about 100% with platinum leading the way until early August 2011 when gold overtook platinum price. Since then, platinum underperformed gold by about 17% to Oct. 26.
Standard Bank found out platinum may be out of favor as a net speculative position as the percentage of open interest in platinum has declined from about 38% in January to about 20% to October this year, mainly due to increase in short positions. ETF positions have also been flat this year compared to rising positions in the past few years. Platinum supply may also be rising in 2011 and 2012 just when global economies are slowing again………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

The Chinese September trade data for precious metals were mixed with a continued recovery in PGM imports mainly led by Platinum and Palladium imports, said Barclays Capital in a briefing.
Imports rose in September with platinum more than doubling y/y to 251.8koz, and were indeed the strongest since April (264koz) this year. Imports as on October 24 have now turned positive and are up 11% y/y which is closing in on the 2Moz mark………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Exchange traded funds tracking major commodities producer Russia have been among the top performers in the equity rally from the early-October low. Market Vectors Russia has rallied about 40% from its intraday low earlier this month.
The Russian stock market is following the country’s largest crude oil company higher, as Rosneft reported quarterly profit that rose 10%………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

To the East African Community, the European Union has been like an elder sibling: The perfect role model to its regional integration campaign and the embodiment of what it hopes to achieve.
Last year, the EAC Council of Ministers turned to the European Central Bank to conduct a study on the establishment of a Monetary Union which involved designing a draft protocol………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Barclays and some heavyweight US investment banks are being outmuscled in the commodities markets by razor-sharp traders from Deutsche Bank who have cemented a leading role among the top players in dealing raw materials.
The German bank reported record-beating performance in commodities trading in the third quarter as it snatched business from rivals despite some of the sharpest falls in prices since the 2008-09 financial crisis………………………………………..Full Article: Source

Posted on 31 October 2011 by VRS |  Email |Print

Indeed, the global population could double by the end of the century, stoking the old Malthusian cry that we will not be able to provide enough to go around. Conventional wisdom tells us that grain price rallies during the past few years have been caused by concerns over a rising population and rising wealth in the developing world.
As people become richer, they eat more meat, and livestock needs significant amounts of grain to fatten up………………………………………..Full Article: Source

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